Friday’s Headlines: New Figures Show Wall St. Added 5,000 Jobs in 2011
So it ain’t so bad after all. Wall Street actually added nearly 5,000 workers last year according to a New York Times story which cites newly revised New York Department of Labor stats. In January alone, the sector added 600 workers in the state. The overall financial sector, including banks and insurance, added 7,800 people last year, bringing its total to 440,600 workers.
The paper elaborated:
Officials had feared Wall St. would lose jobs after profit-hit banks and brokerages announced thousands of layoffs. This sector galvanizes the economies of New York City and New York state as it drives a host of other service companies to hire workers, from accounting firms to restaurants.
Indeed, the economies of both the state and city continue to fare better than the country at large, with New York City private sector growth rate being 60 percent greater than that of the nation, and the state having recouped three-quarters of its private sector jobs which it lost during the 2008-2009 recession.
Goldman started to exit its hedge fund investments to comply with the Volcker Rule. [WSJ]
Barclays paid its CEO $10.3 million last year despite down profits. [Telegraph]
Citi’s CEO made $14.9 million last year, up from $1 million for 2010. [Reuters]
Three MF Global execs may get bonuses. [WSJ]
Carlyle added Barclays, Morgan Stanley, Deutsche, BofA and UBS to work on its IPO. [Businessweek]
Carlyle-backed Mumbai-based brokerage India Infoline will close its securities business in Singapore and cut 11 jobs. [Bloomberg]
Hedge funds are strongest they’ve been in 12 years. [DealBook]
Las Vegas Sands casino hired DBS Bank, Oversea-Chinese Banking Corp. and the United Overseas Bank to coordinate a $3.7 billion loan. [Bloomberg]
Nationalized Irish lender Allied Irish Banks will cut 500 jobs. [Telegraph]
London Stock Exchange Group will buy 60 percent of the independent clearinghouse LCH.Clearnet for $612 million. [DealBook]
Long-term care insurance is suddenly short on sellers. [Investment News]